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Brexit

BrexitImpact on the financial industry

The chief negotiators of the EU and the UK announced on March 19, 2018 the agreement of a transitional period after Brexit comes into effect on March 29, 2019. Deutsche Börse Group welcomes this announcement, as it underlines the intention of both parties to provide businesses and citizens in the EU and the UK with more time to adjust. At the same time, it does not yet provide the legal certainty required since a so called “hard Brexit” in March 2019 cannot be fully ruled out. Furthermore, the future legal framework for cross-border financial services remains unclear. With only little more than one year before Brexit becoming effective, Deutsche Börse Group is closely monitoring Brexit processes, engaging with regulators and governments and will strive to take all necessary measures to mitigate the impact on existing business relations.

Brexit will affect us in many ways and has created a lot of uncertainty in the financial industry. Trading and clearing are two significant areas for the Deutsche Börse Group and our members. The biggest challenge is, that UK based members might lose their passporting rights to continue business with their EU clients as before in case of a “hard Brexit”. Without these rights, UK members would only have access to the EU market under the third country rules, which may restrict business with EU states.

The existing Eurex, Eurex Clearing and Cash Market rulebooks facilitate access to their respective infrastructures for members in a third country in accordance with applicable law. However, Deutsche Börse Group acknowledges the potential for post-Brexit regulation to limit access to trading and clearing venues.

Deutsche Börse Group is closely monitoring Brexit processes, analysing the political and regulatory environment, engaging with regulators and governments and actively presenting Deutsche Börse Group positions. To reduce the uncertainty and to support our affected trading and clearing participants, we are closely engaging with them and already implementing Brexit strategies and look for solutions.

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